No person shall engage ln the business of operating a taxicab or permit it to be operated until the approved applicant for a license deposits with the Auditor a policy or certificate of liability insurance, approved by the Solicitor, indemnifying the applicant in the sum of fifty thousand dollars ($50,000) for injury to one person, and one hundred thousand dollars ($100,000) for injury to more than one person, and five thousand dollars ($5,000) for property damage in any one accident, for the operation of each taxicab for which the license is applied. The policy shall contain a clause obligating the surety company or insurance company to give ten days' written notice to the Mayor before the lapse, expiration or termination of such policy or policies. If any policy is allowed to lapse, the license to operate shall immediately expire.
If the applicant complies with all regulations, there shall be delivered to the owner a license card which shall contain the official license number, name and address of the licensee and such other information as the Director of Public Safety shall prescribe. The license card shall be affixed to the interior of the taxicab and be readily visible at all times. Any license issued under this chapter shall expire on December 31 of the year of which it is issued.
(Ord. 5045. Passed 12-17-60.)